There are advantages and disadvantages of renting a property, just as there are to owning a home. Both options have their own pros and cons, for instance, renting gives you more flexibility while owning a house gives one a sense of security as it is considered a long-term investment.
Buying a home
Buying a house offers long-term benefits of security, equity and potential growth in personal wealth. When you buy a house it becomes your legal property which will give you greater freedom in its use. However, buying a house comes at a high financial commitment as you have to monthly pay your bond, insurance premiums, taxes and maintenance.
When owning a house you would lose mobility when it comes to being able to move out as you would please. For example, you have to find tenants and secure a 12-month lease. In addition, it takes time to transfer ownership, thus you would either have to find alternative accommodation for a few months or pay occupation rent.
Renting a house
Renting a property allows more flexibility than owning a home as moving is easier and it is not your responsibility to find a new tenant or owner. Another advantage is that after paying your rent you may have additional money, which you can use to invest elsewhere.
However, one of the major drawbacks of renting is that you are bound by the rules of the lease agreement, which can influence your freedom to use or renovate the property.
We have a solution for you
If you are looking to become a house owner, we have a solution for you. In partnership with MortgageMax, an industry-leading bond origination service provider, we do all the bond application admin for you, throughout the entire process, until the keys to your new house are in your hand.
We also offer a pension-backed loan that you can use to renovate your home – from adding another room to installing a brand new kitchen to finally installing a pool. We can help you turn your hopes and dreams into bricks and beams. To qualify for this product you must currently be employed at an employer where Iemas has a contract with both the employer and the retirement fund to offer the pension-backed loan product
For more information about our Housing Solution services, contact us on 086 104 3627 or visit our website page here: Housing Solutions”.
Adapted from: https://www.property24.com/property101/rent-vs-buy-guide/pros-and-cons-of-buying-and-renting/17510